8 mo. ago • 98%

Judge fines Donald Trump more than $360 million, bars him from running businesses in N.Y. for three years

www.nbcnews.com Judge fines Donald Trump more than $360 million, bars him from running businesses in N.Y. for three years

The former president denied any wrongdoing, calling the case "a fraud on me."

News @lemmy.world Judge fines Trump more than $300 million, bars from running businesses in New York for three years

56 comments

Considering that business was basically run by his children for a while it's extremely disappointing to see them excluded from the judgement.

71
- Both boys have to pay $4m and can’t run NY businesses for 3 years. Not nothing - although I did not see anything about Ivanka.
  
  69
  
  They're also "jointly and severally liable" for the major amounts of cash, I have no idea what that means though.
  
  12
  
  Ah, I should read better - thanks!
  
  10
  
  Ivanka a defendant, she testified but that's it.
  
  1
- One, the kids are also barred for a period of time.
  
  Two, the big kicker is:
  
  He also continued "the appointment of an Independent Monitor" and ordered "the installation of an Independent Director of Compliance" for the company
  
  There is going to be eyes and ears on everything Trump attempts to do to weasel money around, especially given how often Trump shifts funds illegally to maintain his grift. That monitor is absolutely going to be dragging Trump back into court sooner or later. The man knows no restraint, he's absolutely going to FAFO.
  
  66
- Eric and Don Jr. each got a 2-year ban, it looks like.
  
  https://www.cnbc.com/2024/02/16/trump-fraud-trial-judge-engoron-verdict-ny-ag-business-case.html
  
  19
And if he doesn't pay the fine he goes to jail, right?

... he goes to jail, right?

43
- No. They start seizing his bank and brokerage accounts, put liens on his properties, etc.
  
  22
  
  In a just world, we'd all get to see the iconic news footage of the 20s: Trump being evicted from Mar a Lago as it is being seized.
  
  2
- He might get away by knocking on supreme court's door as the panel is conservative and trump elected them but who knows
  
  2
  
  Is that likely for a state civil case?
  
  1
Only a 3 year ban... interesting.

40
- Might still be a lifetime ban... you never know...
  
  34
  
  Don't get my hopes up like that
  
  12
  
  In 3 years we ~~will~~ may know
  
  6
  
  At 79 or whatever 3 years is an eternity.
  
  3
- I see a lot of people talking about 3 years being relatively short. The point is not about keeping Trump out, it's about putting the independent CEO in. 3 years is a long time for an independent CEO to dismantle the company and fix a ton of shady stuff.
  
  16
- IDK anything about this particular case but tougher penalties are often easier to appeal.
  
  3 years is tantamount to a lifetime in trumps case. Not so his sons but whatever.
  
  5
- Lifetime will only be handed down if you're poor.
  
  5
$354 million here...
$83.3 million to E. Jean Carroll
$5 million on the first E. Jean Carroll case..

So $442,300,000 - Yow!

31
- It might be closer to 450 then 354 due to interest https://mastodon.social/@GottaLaff/111943052849383387
  
  19
Hope long will it be tied up in appeals, 3 years?

18
- In New York State you have to front 110% of the money before you can appeal. So he would have to front $390M just to file the appeal.
  
  His whole 2016 campaign raised $330M for context.
  
  He's also on record under oath saying he has $400M cash on hand meaning if he doesn't actually have the cash on hand he perjured himself as well.
  
  53
  
  He would likely do this by buying a bond. It would be substantial though, and even if he won the appeal the bond would like cost like $35 million or something he would never get back, and he needs to pay that before the appeal. It's all money being sapped away from the republican party at least.
  
  18
- A while, I'm sure. The thing is, to appeal a ruling you have to be able to show that some part of the process wasn't within the letter of the law. Trying to appeal will certainly buy some time, but not much if the attempt is unsuccessful. Given the wealth of evidence against the organization, I wouldn't think the appeal will be successful.
  
  19
  
  And he has to pony up the $ or collateral now.
  
  16
- Jean Carrol case he needs to put down the money to appeal, is it not the same here?
  
  9
  
  He can technically appeal anyway, but he has very limited options.
  
  If he pays in 30 days and appeals AND if the appeals court hears the case, then the money will be held by the court and then he can request that they stay the judgment, AND if they agree money is returned (but he can still lose and have to pay again).
  
  If it goes to appeals and they don't stay judgement then if he wins it also gets paid back. Or if he loses then the government claims it, of course.
  
  If he don't pay in 30 days then the government can start seizing assets and auction them off EVEN IF he appeals, which absolutely would be horrible for him. If he won on appeal after that he'd get compensated for it, but not without collateral damage due to his complete lack of control over what assets to keep or sell.
  
  4
Why anyone would vote for this guy is just beyond my comprehension. What a loser.

15
- He's the kind of person a total idiot thinks is a bigly important bidnessman. He's been full of it since at least the 80s. I blame that stupid game show he was given; some rappers already thought he was all that and the nonsense narrative got even worse after that show was given to him...
  
  7
- Trump has always been a huge loser. Pathetic piece of crap.
  
  0
This is the best summary I could come up with:

The judge who presided over a civil business fraud trial against Donald Trump and his company has issued his decision in the case.

The former president could also face four criminal trials this year as his presidential campaign barrels toward the November election, with the first set to begin in New York state court on March 25th.

James contended the defendants used the inflated financial statements to obtain bank loans and insurance policies at rates he otherwise wouldn’t have been entitled to and "reaped hundreds of millions of dollars in ill-gotten gains."

Trump had also fraudulently puffed up the value of the property by saying it was a private residence, despite having signed an agreement that it could only be used as a social club to lower his tax burden.

James filed a suit seeking $250 million in damages from Trump in 2022, and the judge appointed a monitor to oversee the company's finances that November.

In a summary judgment ruling the week before the trial started, Engoron found Trump and his executives had repeatedly engaged in fraud.

The original article contains 809 words, the summary contains 177 words. Saved 78%. I'm a bot and I'm open source!

5
But can his sons?

2

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